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CBRE Sells Kings Crossing Shopping Center

FAIRFIELD, CONN.—Jeffrey Dunne and David Gavin of CBRE’s New York Institutional Group represented HH East Parcel LLC, an entity led by Summit Development of Southport, Conn., in the sale of Kings Crossing Shopping Center in Fairfield, Conn. The team was also responsible for procuring the buyer, TIAA-CREF.

Kings Crossing Shopping Center is an 80,702-sq.-ft. Whole Foods-anchored center in Fairfield. The property is located immediately off of Exit 23 of Interstate 95 and Route 1, and is adjacent to the new Fairfield train station. The center was developed in 2011 and is 95.5% leased to a complementary mix of nationally recognized tenants, including Whole Foods, CVS, JPMorgan Chase, Petco, Chipotle and Five Guys, providing no lease rollover until 2021.

The Kings Crossing Shopping Center sale follows on the heels of the team’s $72.5 million sale of Lake Grove Commons in Lake Grove, New York—a 141,382-sq.-ft. trophy quality community retail center completed in 2011 and leased to six tenants including Whole Foods, LA Fitness and Petco as the anchors.